Samsung heir jailed for bribery and embezzlement

The Seoul Central District Court on Friday awarded five years imprisonment to Samsung successor Lee Jae-Yong for bribery, perjury and other crimes, worldwide media reported. Lee and four other Samsungexecutives paid $6.4 million in bribes and other inducements to ensure that the country's disgraced former president, Park Geun-hye, supported a complicated corporate deal that strengthened Mr.

The 49-year-old Lee, who is the heir to one of the world's largest companies, was also found guilty of perjury, embezzlement, and of hiding assets outside of South Korea following a six-month trial.

Although the prosecution asked for a 12 yearjail term for Lee Jae Yong alias Jay Y Lee, he was spared the long sentence which is considered the longest given to any South KoreanChaebol (South Koren form of business conglomerate) leader.

One of Lee's lawyers said he would appeal the ruling and that he was confident his client's innocence would be affirmed by a higher court. He was known to have been colluding with former President Park Gye-Heun and her friend Choi Soon-sil in paying favors to able to successfully secure his leadership position in Samsung.

They said Lee was aware that Park, president at the time, wanted Samsung to sponsor the equestrian training.

The verdict on Wednesday makes it likely that Park, who was arrested in March and charged on 18 counts, including accepting bribes, may also be found guilty. The elder Lee has taken a step back from the company since suffering a heart attack in 2014, with his son expected to take control.

The ruling in Lee's case can be appealed against twice. Other Samsung executives also received prison sentences in the same case. 'If Lee receives a heavy sentence, ' Seoul National University professor of economics Park Sangin told the paper, 'it can be seen as the shattering of the "too-big-to-jail" trend of the past.

The convictions are the second major hit to Samsung's reputation after the disaster of the exploding Galaxy Note 7. The same investigation that led to the impeachment of former-president Park Geun-hye.

Samsung shares had dropped 1.5 percent after the verdict was announced.

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